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Prepare the following 3 journal entries for Oak C o . : # 1 Oak Company assigned $ 8 , 0 0 0 of accounts

Prepare the following 3 journal entries for Oak Co.:
#1 Oak Company assigned $8,000 of accounts receivable On Time Finance as security for a $6,000 loan. On Time charged a 6% commission on the accounts; the interest rate on the note is 12%.
#2 During the first month, Oak collected $5,000 on assigned accounts.
#3 The following month Saturn made a payment on the note based on the above accounts receivable collections. Record payment of the note and interest
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